题目内容

Which of the following is the least appropriate analyst adjustment for off-balance-sheet financing（）

Add the present value of capital leases to liabilities.
B. Treat the sale of receivables with recourse as borrowing and reduce cash flow from operations by the sale amount.
C. Increase liabilities for a commitment to buy $ 500 million in inventory over the next five years.

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A switch from first in first out (FIFO) to last in first out (LIFO) :（）

A. results in a more meaningful inventory valuation during periods of rising prices.
B. will result in higher taxes and smaller cash flows.
C. results in a lower current ratio during periods of rising prices.

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Kachelmeyer, Inc., signs an agreement on 1 January 2005, to lease equipment from Henderson Company. The term of the lease is five years, and the estimated economic life of the asset is also five years. The agreement requires equal annual payments of $ 36285.90, with the first payment on 1 January 2005. Kachelmeyer’ s incremental borrowing rate is 12 percent. Henderson’ s implicit rate is 10 percent and is known to Kachelmeyer. The prime rate is 8 percent. The discount rate that Kachelmeyer should use to capitalize the lease is:

A. 8%.

B. 12%.

C. 10%.

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An analyst is comparing a firm to its competitors. The firm has a deferred tax liability and is expected to continue to grow in the foreseeable future. How should the liability be treated for analysis purposes（）

A. It should be treated as equity at its full value.
B. It should be treated as a liability at its full value.
C. The present value should be treated as a liability with the remainder being treated as equity.

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During a period of rising prices a company may change from LIFO to FIFO to:（）

A. takes advantage of tax deferrals and reduce overall taxes paid.
B. increase COGS and, hence, increase the overall cash flow position of the firm.
C. increase reported inventory and, hence, improve various accounting constructs such as working capital

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Which of the following is the least appropriate analyst adjustment for off-balance-sheet financing（）

Add the present value of capital leases to liabilities. B. Treat the sale of receivables with recourse as borrowing and reduce cash flow from operations by the sale amount. C. Increase liabilities for a commitment to buy $ 500 million in inventory over the next five years.

A switch from first in first out (FIFO) to last in first out (LIFO) :（）

An analyst is comparing a firm to its competitors. The firm has a deferred tax liability and is expected to continue to grow in the foreseeable future. How should the liability be treated for analysis purposes（）

During a period of rising prices a company may change from LIFO to FIFO to:（）

Add the present value of capital leases to liabilities.
B. Treat the sale of receivables with recourse as borrowing and reduce cash flow from operations by the sale amount.
C. Increase liabilities for a commitment to buy $ 500 million in inventory over the next five years.